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Globalizing the Cost of Capital and Capital Budgeting at AES

Harvard Business School Case 9-204-109


Course Software 9-204-707

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Table A Risk Score Calculation for Lal Pir Project

Grade for Risk Scores


Categories of Risk Weight Lal Pir (grade x weight)
Operational / Technical 3.50% 1 0.035
Counterparty Credit / Performance 7.00% 1 0.070
Regulatory 10.50% 2 0.210
Construction 14.50% 0 0.000
Commodity 18.00% 1 0.180
Currency 21.50% 2 0.430
Contractual Enforcement / Legal 25.00% 2 0.500
Sum of individual scores = business specific risk score 1.425

Source: Company document (actual assessments disguised).


Exhibit 1 AES Consolidated Income Statement

Amounts in millions except per share figures 2002 2001 2000


Revenues
Regulated $ 4,317 $ 3,255 $ 2,661
Non-regulated 4,315 4,390 3,545
Total revenues 8,632 7,645 6,206
Cost of sales
Regulated -3,627 -2,416 -2,093
Non-regulated -3,086 -3,052 -2,210
Total cost of sales -6,713 -5,468 -4,303
SG&A expenses -112 -120 -82
Severance and transaction costs - -131 -79
Interest expense -2,031 -1,575 -1,262
Interest income 312 189 201
Other income 219 116 51
Other expense -87 -65 -52
(Loss) gain on sale of investments and asset impairment
expense -1,600 18 143
Goodwill impairment expense -612 - -
Foreign currency transaction loss -456 -30 -4
Equity in pre-tax (loss) earnings of affiliates -203 176 475
(Loss) income before income taxes and minority intere -2,651 755 1,294
Income tax (benefit) expense -27 206 368
Minority interest (income expense) -34 103 120
(Loss) income from continuing operations -2,590 446 806
Loss from operations of dicontinued businesses (net of
income tax benefit of $90, $10 and $5, respectively) -573 -173 -11
(loss) income before cumulative effect of accounting -3,163 273 795
Cumulative effect of change in accounting principle
(net of income tax benefit of $72) -346 - -
Net (loss) income ($3,509) $273 $795

BASIC (LOSS) EARNINGS PER SHARE:


(Loss) income from continuing operations ($4.81) $0.84 $1.67
Discontinued operations ($1.05) ($0.32) ($0.01)
Cumulative effect of accounting change ($0.65) $- $-
Basic (loss) earnings per share ($6.51) $0.52 $1.66

Source: AES Corporation, 2002 Annual Report (Arlington: AES Corporation, 2003).
Exhibit 2 AES Consolidated Balance Sheet

Amounts in millions; as of December 31, 2002 2001 2000 1999 1998


ASSETS
Cash & Equivalents 780 802 950 669 491
Other Short-Term Investments 211 215 1297 164 35
Accounts Receivable 1264 1137 1566 936 383
Inventory 384 468 569 307 119
Prepayments & Advances 218 215 1193 327 155
Other Current Assets 1492 1855 209 184 71
Total Current Assets 4349 4692 5784 2587 1254

Long-Term Investments 194 3031 3122 1575 1933


Property Plant & Equipment 23050 21127 21874 14210 6029
Accum Depr. & Amort. -4204 -3015 -2632 -763 -525
Property Plant & Equipment, Net 18846 18112 19242 13447 5504
Goodwill/Intangibles 1403 2433 2248 1904 1490
Other Long-Term Assets 8984 8544 2642 1367 600
Total Assets 33776 36812 33038 20880 10781

LIABILITIES & SHAREHOLDERS' EQUITY


Accounts Payable 1139 727 743 381 215
Short-Term Debt - - - - -
Curr. LT Debt and CLOs 3341 2449 2462 1216 1413
Other Current Liabilities 2031 1752 1834 973 348
Total Current Liabilities 6511 4928 5039 2570 1976

Long-Term Debt 17684 17406 17382 12136 5791


Total Long-Term Debt 17684 17406 17382 12136 5791
Deferred Taxes 981 627 1863 1787 268
Other Long-Term Liabilities 8941 8312 3212 1750 952
Total Liabilities 34117 31273 27496 18243 8987

Stockholder’s Equity
Common Stock 6 5 5 4 2
Additional Paid in Capital 5312 5225 5172 2615 1243
Retained Earnings -700 2809 2551 1120 892
Treasury Stock - - -507 - -
Other Equity -4959 -2500 -1679 -1102 -343
Total Shareholders' Equity -341 5539 5542 2637 1794
Total Liabilities + Shareholders' Equity 33776 36812 33038 20880 10781

Shares Outstanding 558 533 509 414 361

Source: “AES Annual Balance Sheet”, December 2003, available from OneSource Information Services, <http://www.onesource.com>
Exhibit 7b AES Selected Financial Data

Select Financial Information


10 Year US Treasury Bond 4.50%
US Risk Premium 7.00%
Un-levered Equity Betas by Line of Business
Contract Generation 0.25
Large Utility 0.25
Growth Distribution 0.25
Competitive Supply 0.50

Source: Company document.


Exhibit 9b EBIT Coverage Ratios and Default Spreads

EBIT
Credit Coverage Default
Rating Ratio Spread
Aaa 21.1x 0.20%
Aa1 15.1x 0.30%
Aa2 10.9x 0.40%
Aa3 8.1x 0.60%
A1 6.3x 0.70%
A2 5.2x 0.90%
A3 4.6x 1.20%
Baa1 4.2x 1.50%
Baa2 3.9x 1.90%
Baa3 3.6x 2.30%
Ba1 3.2x 2.90%
Ba2 2.6x 3.60%
Ba3 1.9x 4.30%
B1 1.0x 5.20%
B2 0.8x 6.20%
B3 0.6x 7.40%
Caa1 0.4x 8.60%
Caa2 0.1x 10.00%
Caa3 0.1x 11.40%

Source: Company documents.


Exhibit 12 Project Cash Flows (in US$ millions)

Lal Pir (Pakistan) Contract Generation

Income 2004 2005 2006 2007 2008 2009


Revenue 312.5 313.6 314.7 315.8 316.9 318.0
EBITDA 100.0 100.4 100.7 101.1 101.4 101.8
Depreciation (30.6) (31.3) (31.9) (32.5) (33.1) (33.8)
Operating Profit 69.4 69.1 68.8 68.5 68.3 68.0
Interest (44.1) (42.7) (41.1) (39.4) (37.5) (35.4)
Taxes (8.8) (9.2) (9.7) (10.2) (10.8) (11.4)
Net Profit 16.4 17.2 18.0 19.0 20.0 21.2

Cash Flow
Operating Profit 69.4 69.1 68.8 68.5 68.3 68.0
Addback Depreciation 30.6 31.3 31.9 32.5 33.1 33.8
Maintenance CapEx (12.5) (12.5) (12.6) (12.6) (12.7) (12.7)
Pre-Tax, Pre-Finance Cash Flow 87.5 87.8 88.1 88.4 88.7 89.0
Interest (44.1) (42.7) (41.1) (39.4) (37.5) (35.4)
Principal (14.2) (15.5) (16.9) (18.4) (20.1) (22.0)
New Debt 0.0 0.0 0.0 0.0 0.0 0.0
Taxes (8.8) (9.2) (9.7) (10.2) (10.8) (11.4)
Levered Equity Cash Flow 20.3 20.4 20.4 20.4 20.3 20.2
Lev Equity Cash Flow with TV 20.3 20.4 20.4 20.4 20.3 20.2
Unlevered Cash Flow 63.2 63.6 64.0 64.4 64.8 65.2
Unlevered Cash Flow with TV 63.2 63.6 64.0 64.4 64.8 65.2

Capitalization
Initial PP&E 612.5 625.0 637.6 650.3 662.9 675.7
Goodwill 22.4 22.4 22.4 22.4 22.4 22.4
Accum Depreciation (30.6) (61.9) (93.8) (126.3) (159.4) (193.2)
Total Assets 604.3 585.6 566.3 546.4 525.9 504.9
Debt 416.5 401.0 384.1 365.7 345.6 323.6
Equity 187.8 184.6 182.1 180.7 180.3 181.3
Total Capital 604.3 585.6 566.3 546.4 525.9 504.9

note: values disguised

Source: Company document.


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
319.1 320.2 321.4 322.5 323.6 324.7 325.9 327.0 328.2 329.3
102.1 102.5 102.8 103.2 103.6 103.9 104.3 104.6 105.0 105.4
(34.4) (35.1) (35.7) (36.3) (37.0) (37.6) (38.3) (39.0) (39.6) (40.3)
67.7 67.4 67.1 66.8 66.6 66.3 66.0 65.7 65.4 65.1
(33.2) (30.7) (28.0) (25.0) (21.8) (18.2) (14.3) (9.9) (5.2) 0.0
(12.1) (12.9) (13.7) (14.6) (15.7) (16.8) (18.1) (19.5) (21.1) (22.8)
22.4 23.9 25.4 27.2 29.1 31.3 33.6 36.2 39.1 42.3

67.7 67.4 67.1 66.8 66.6 66.3 66.0 65.7 65.4 65.1
34.4 35.1 35.7 36.3 37.0 37.6 38.3 39.0 39.6 40.3
(12.8) (12.8) (12.9) (12.9) (12.9) (13.0) (13.0) (13.1) (13.1) (13.2)
89.4 89.7 90.0 90.3 90.6 90.9 91.2 91.6 91.9 92.2
(33.2) (30.7) (28.0) (25.0) (21.8) (18.2) (14.3) (9.9) (5.2) 0.0
(24.1) (26.4) (29.0) (31.8) (34.9) (38.3) (42.1) (46.2) (50.8) (0.0)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(12.1) (12.9) (13.7) (14.6) (15.7) (16.8) (18.1) (19.5) (21.1) (22.8)
20.0 19.7 19.3 18.9 18.3 17.6 16.8 15.9 14.8 69.4
20.0 19.7 19.3 18.9 18.3 17.6 16.8 15.9 14.8 69.4
65.7 66.1 66.5 66.9 67.3 67.7 68.2 68.6 69.0 69.4
65.7 66.1 66.5 66.9 67.3 67.7 68.2 68.6 69.0 69.4

688.4 701.2 714.1 727.0 739.9 752.9 766.0 779.0 792.2 805.3
22.4 22.4 22.4 22.4 22.4 22.4 22.4 22.4 22.4 22.4
(227.6) (262.7) (298.4) (334.7) (371.7) (409.4) (447.7) (486.6) (526.2) (566.5)
483.2 461.0 438.1 414.7 390.6 365.9 340.7 314.8 288.3 261.2
299.4 273.0 244.1 212.3 177.4 139.1 97.0 50.8 (0.0) (0.0)
183.8 187.9 194.1 202.4 213.2 226.8 243.6 264.0 288.3 261.2
483.2 461.0 438.1 414.7 390.6 365.9 340.7 314.8 288.3 261.2
2020 2021 2022 2023
330.5 331.6 332.8 333.9
105.7 106.1 106.5 106.9
(40.9) (41.6) (42.3) (42.9)
64.8 64.5 64.2 63.9
0.0 0.0 0.0 0.0
(22.7) (22.6) (22.5) (22.4)
42.1 41.9 41.8 41.6

64.8 64.5 64.2 63.9


40.9 41.6 42.3 42.9
(13.2) (13.3) (13.3) (13.4)
92.5 92.9 93.2 93.5
0.0 0.0 0.0 0.0
(0.0) (0.0) (0.0) (0.0)
0.0 0.0 0.0 0.0
(22.7) (22.6) (22.5) (22.4)
69.8 70.3 70.7 71.1
69.8 70.3 70.7 71.1
69.8 70.3 70.7 71.1
69.8 70.3 70.7 71.1

818.6 831.8 845.1 858.5


22.4 22.4 22.4 22.4
(607.4) (649.0) (691.3) (734.2)
233.5 205.2 176.3 146.7
(0.0) (0.0) (0.0) (0.0)
233.5 205.2 176.3 146.7
233.5 205.2 176.3 146.7
Exhibit 7a AES Project Data

Business / Project Country Line of Bu

Andres Dominican ReCG


Caracoles Argentina CS
Drax United Kingd CS
Eletropaulo Brazil LU
Gener Chile CG
Haripur Bangladesh CG
Kelvin South Africa CG
Lal Pir Pakistan CG
Los Mina Dominican ReCG
OPGC India CG
Ottana Italy CS
Red Oak USA CG
Rivnoblenergo Ukraine GD
Telasi Georgia GD
Uruguaiana Brazil CG

Source:Company document. Project descriptions taken from http://www.aes.com/businesses/default.asp.


Project Description Tax Rate Debt to Ca

300 MW gas fired combined cycle plant currently under construction 25.0% 35.1%
123 MW hydroelectric power plant located on the San Juan river in wes 35.0% 40.8%
Largest coal-fired power station in western Europe. It can produce eno 0.0% 29.5%
Distribution company that serves a population of 14 million in Sao Paul 34.0% 30.0%
277 MW fossil fuel plant located in Tocopilla, 1500 km north of Santiag 17.0% 35.2%
360 MW gas turbine facility located 25 kilometers southeast of Dhaka, 0.0% 33.3%
600 MW coal fired power plant 25.0% 32.9%
337 MW coal fired power plant 23.0% 35.1%
210 MW Oil-fired facility supplying the capital city of Santo Domingo 25.0% 28.7%
Joint Venture with the Government of Orissa. Two 210 MW P.C. coal-fire 7.9% 30.4%
Oil fired 140 MW cogeneration facility - under contracts of up to 10 yea 35.0% 42.5%
832 MW natural gas-fired plant 37.5% 39.5%
Distribution Company serving 380,000 customers 30.0% 36.5%
Distribution Company serving Tbilisi, the capital of Georgia. 20.0% 26.1%
600 MW gas-fired combined cycle power plant 34.0% 32.2%

en from http://www.aes.com/businesses/default.asp.
Counterparty
Operational / Regulator
Credit / Construction
Technical y
Performance
3.5% 7.0% 10.5% 14.5%

Risk Scores

Operational/ Regulator
Construction Currency
Technical y

EBIT CoveraDefault SpSovereign Sp

3.0x 3.57% 8.93% 3 3 3 3


3.0x 3.57% 16.25% 3 2 2 2
3.0x 3.57% 0.00% - 2 2 -
3.5x 2.89% 8.93% - 1 3 3
2.5x 4.34% 1.73% - - 1 1
2.5x 4.34% 5.23% 2 - - -
2.5x 4.34% 3.14% 1 - 1 2
3.0x 3.57% 9.90% - 1 2 2
4.0x 1.85% 8.93% - 3 3 3
3.0x 3.57% 3.60% - 1 3 2
2.5x 4.34% 0.14% - - - 1
3.0x 3.57% 0.00% - 2 - -
2.5x 3.57% 9.98% - - 1 2
4.0x 1.85% 9.98% - 2 3 3
4.0x 1.85% 8.93% - - 3 3
Contractual
Commodit
Currency Enforcement /
y
Legal
18.0% 21.5% 25.0%

Risk Scores

Business
Counterpa Contract % Puntos
Commodity Specific risk
rty enf./Legal Basicos
score

3 3 3 3.00 15.0%
- 2 1 1.43 7.1%
2 2 3 1.89 9.5%
1 3 2 2.15 10.7%
1 - 2 0.93 4.7%
1 1 1 0.72 3.6%
2 1 - 1.01 5.0%
1 2 1 1.43 7.15%
3 3 3 2.90 14.5%
3 2 - 1.65 8.2%
3 - - 0.69 3.4%
3 - 2 1.18 5.9%
1 - - 0.58 2.9%
3 3 3 2.83 14.1%
2 3 2 2.26 11.3%
Betas de equidad sin apalancamiento por línea de negocio
Un-levered Equity Betas by Line of Business
CG Contract Generati 0.25 10 Year US Treasury Bon
LU Large Utility 0.25 US Risk Premium
GD Growth Distributio 0.25
CS Competitive Suppl 0.50

Valor de
Business / Project Country Debt to Cap. Mercado del Default Spread
Patrimonio E/V
Andres Dominican Republic 35% 74% 3.57%
Caracoles Argentina 41% 71% 3.57%
Drax United Kingdom 30% 77% 3.57%
Eletropaulo Brazil 30% 77% 2.89%
Gener Chile 35% 74% 4.34%
Haripur Bangladesh 33% 75% 4.34%
Kelvin South Africa 33% 75% 4.34%
Lal Pir Pakistan 35% 74% 3.57%
Los Mina Dominican Republic 29% 78% 1.85%
OPGC India 30% 77% 3.57%
Ottana Italy 43% 70% 4.34%
Red Oak USA 40% 72% 3.57%
Rivnoblenergo Ukraine 37% 73% 3.57%
Telasi Georgia 26% 79% 1.85%
Uruguaiana Brazil 32% 76% 1.85%

Table A Risk Score Calculation for Lal Pir Project


Risk Scores
Grade for
Categories of Risk Weight (grade x
Lal Pir
weight)
Operational / Technical 3.50% 1 0.035
Counterparty Credit / 7.00% 1 0.07
Regulatory 10.50% 2 0.21
Construction 14.50% 0 0
Commodity 18.00% 1 0.18
Currency 21.50% 2 0.43
Contractual Enforcemen 25.00% 2 0.5
Sum of individual scores = business specific risk score 1.425
4.50%
7.00%
Costo del capital
Cost of Equity = rƒ + b (rm - rƒ )

Beta
Sovereign Spread Line of Business desapalancado Beta Apalancado Ke

8.93% CG 0.25 0.34 6.86%


16.25% CS 0.50 0.70 9.43%
0.00% CS 0.50 0.65 9.03%
8.93% LU 0.25 0.33 6.78%
1.73% CG 0.25 0.34 6.87%
5.23% CG 0.25 0.33 6.83%
3.14% CG 0.25 0.33 6.83%
9.90% CG 0.25 0.34 6.86%
8.93% CG 0.25 0.32 6.75%
3.60% CG 0.25 0.33 6.78%
0.14% CS 0.50 0.71 9.49%
0.00% CG 0.25 0.35 6.94%
9.98% GD 0.25 0.34 6.89%
9.98% GD 0.25 0.32 6.71%
8.93% CG 0.25 0.33 6.81%
Costo de la deuda
Cost of Debt = rƒ Default Spread

Kd Ke Soberano Kd Soberano Tax Rate D/V E/V

8.07% 15.79% 17.00% 25.00% 26% 74.02%


8.07% 25.68% 24.32% 35.00% 29% 71.02%
8.07% 9.03% 8.07% 0.00% 23% 77.22%
7.39% 15.71% 16.32% 34.00% 23% 76.92%
8.84% 8.60% 10.57% 17.00% 26% 73.96%
8.84% 12.06% 14.07% 0.00% 25% 75.02%
8.84% 9.97% 11.98% 25.00% 25% 75.24%
8.07% 16.76% 17.97% 23.00% 26% 74.02%
6.35% 15.68% 15.28% 25.00% 22% 77.70%
8.07% 10.38% 11.67% 7.90% 23% 76.69%
8.84% 9.63% 8.98% 35.00% 30% 70.18%
8.07% 6.94% 8.07% 37.50% 28% 71.68%
8.07% 16.87% 18.05% 30.00% 27% 73.26%
6.35% 16.69% 16.33% 20.00% 21% 79.30%
6.35% 15.74% 15.28% 34.00% 24% 75.64%
WACC WACC Ajustado

15.00% 30.00% Maximo


22.82% 29.94%
8.81% 18.26%
14.57% 25.29%
8.64% 13.29%
12.56% 16.14%
9.72% 14.75%
16.00% 23.15%
14.74% 29.22%
10.47% 18.69%
8.50% 11.92%
6.40% 12.30% Minimo
15.74% 18.61%
15.94% 30.06%
14.37% 25.64%
Exhibit 12 Project Cash Flows (in US$
millions)

Lal Pir (Pakistan) Contract Generation

Income 2004 2005 2006 2007 2008 2009


Revenue 312.5 313.6 314.7 315.8 316.9 318.0
EBITDA 100.0 100.4 100.7 101.1 101.4 101.8
Depreciation (30.6) (31.3) (31.9) (32.5) (33.1) (33.8)
Operating Profit 69.4 69.1 68.8 68.5 68.3 68.0
Interest (44.1) (42.7) (41.1) (39.4) (37.5) (35.4)
Taxes (8.8) (9.2) (9.7) (10.2) (10.8) (11.4)
Net Profit 16.4 17.2 18.0 19.0 20.0 21.2

Cash Flow
Operating Profit 69.4 69.1 68.8 68.5 68.3 68.0
Addback Depreciation 30.6 31.3 31.9 32.5 33.1 33.8
Maintenance CapEx (12.5) (12.5) (12.6) (12.6) (12.7) (12.7)
Pre-Tax, Pre-Finance Cash Flow 87.5 87.8 88.1 88.4 88.7 89.0
Interest (44.1) (42.7) (41.1) (39.4) (37.5) (35.4)
Principal (14.2) (15.5) (16.9) (18.4) (20.1) (22.0)
New Debt 0.0 0.0 0.0 0.0 0.0 0.0
Taxes (8.8) (9.2) (9.7) (10.2) (10.8) (11.4)
Levered Equity Cash Flow 20.3 20.4 20.4 20.4 20.3 20.2
Lev Equity Cash Flow with TV 20.3 20.4 20.4 20.4 20.3 20.2
Unlevered Cash Flow 63.2 63.6 64.0 64.4 64.8 65.2
Unlevered Cash Flow with TV 63.2 63.6 64.0 64.4 64.8 65.2

Capitalization
Initial PP&E 612.5 625.0 637.6 650.3 662.9 675.7
Goodwill 22.4 22.4 22.4 22.4 22.4 22.4
Accum Depreciation (30.6) (61.9) (93.8) (126.3) (159.4) (193.2)
Total Assets 604.3 585.6 566.3 546.4 525.9 504.9
Debt 416.5 401.0 384.1 365.7 345.6 323.6
Equity 187.8 184.6 182.1 180.7 180.3 181.3
Total Capital 604.3 585.6 566.3 546.4 525.9 504.9

note: values disguised

Source: Company document.

2004 2005 2006 2007 2008 2009


F. Inversion - 187.82
F. Operaciones 91.2 91.1 91.0 90.8 90.6 90.4
F Total (96.65) 91.11 91.00 90.85 90.64 90.37
VAN USA = 813
WACC USA = 6.40%

VAN PAKISTAN = 281


WACC Pakistan = 23.15%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
319.1 320.2 321.4 322.5 323.6 324.7 325.9 327.0 328.2 329.3
102.1 102.5 102.8 103.2 103.6 103.9 104.3 104.6 105.0 105.4
(34.4) (35.1) (35.7) (36.3) (37.0) (37.6) (38.3) (39.0) (39.6) (40.3)
67.7 67.4 67.1 66.8 66.6 66.3 66.0 65.7 65.4 65.1
(33.2) (30.7) (28.0) (25.0) (21.8) (18.2) (14.3) (9.9) (5.2) 0.0
(12.1) (12.9) (13.7) (14.6) (15.7) (16.8) (18.1) (19.5) (21.1) (22.8)
22.4 23.9 25.4 27.2 29.1 31.3 33.6 36.2 39.1 42.3

67.7 67.4 67.1 66.8 66.6 66.3 66.0 65.7 65.4 65.1
34.4 35.1 35.7 36.3 37.0 37.6 38.3 39.0 39.6 40.3
(12.8) (12.8) (12.9) (12.9) (12.9) (13.0) (13.0) (13.1) (13.1) (13.2)
89.4 89.7 90.0 90.3 90.6 90.9 91.2 91.6 91.9 92.2
(33.2) (30.7) (28.0) (25.0) (21.8) (18.2) (14.3) (9.9) (5.2) 0.0
(24.1) (26.4) (29.0) (31.8) (34.9) (38.3) (42.1) (46.2) (50.8) (0.0)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(12.1) (12.9) (13.7) (14.6) (15.7) (16.8) (18.1) (19.5) (21.1) (22.8)
20.0 19.7 19.3 18.9 18.3 17.6 16.8 15.9 14.8 69.4
20.0 19.7 19.3 18.9 18.3 17.6 16.8 15.9 14.8 69.4
65.7 66.1 66.5 66.9 67.3 67.7 68.2 68.6 69.0 69.4
65.7 66.1 66.5 66.9 67.3 67.7 68.2 68.6 69.0 69.4

688.4 701.2 714.1 727.0 739.9 752.9 766.0 779.0 792.2 805.3
22.4 22.4 22.4 22.4 22.4 22.4 22.4 22.4 22.4 22.4
(227.6) (262.7) (298.4) (334.7) (371.7) (409.4) (447.7) (486.6) (526.2) (566.5)
483.2 461.0 438.1 414.7 390.6 365.9 340.7 314.8 288.3 261.2
299.4 273.0 244.1 212.3 177.4 139.1 97.0 50.8 (0.0) (0.0)
183.8 187.9 194.1 202.4 213.2 226.8 243.6 264.0 288.3 261.2
483.2 461.0 438.1 414.7 390.6 365.9 340.7 314.8 288.3 261.2

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

90.0 89.6 89.1 88.6 87.9 87.1 86.2 85.1 83.9 82.6
90.03 89.62 89.13 88.55 87.88 87.09 86.18 85.14 83.94 82.59
2020 2021 2022 2023
330.5 331.6 332.8 333.9
105.7 106.1 106.5 106.9
(40.9) (41.6) (42.3) (42.9)
64.8 64.5 64.2 63.9
0.0 0.0 0.0 0.0
(22.7) (22.6) (22.5) (22.4)
42.1 41.9 41.8 41.6

64.8 64.5 64.2 63.9


40.9 41.6 42.3 42.9
(13.2) (13.3) (13.3) (13.4)
92.5 92.9 93.2 93.5
0.0 0.0 0.0 0.0
(0.0) (0.0) (0.0) (0.0)
0.0 0.0 0.0 0.0
(22.7) (22.6) (22.5) (22.4)
69.8 70.3 70.7 71.1
69.8 70.3 70.7 71.1
69.8 70.3 70.7 71.1
69.8 70.3 70.7 71.1

818.6 831.8 845.1 858.5


22.4 22.4 22.4 22.4
(607.4) (649.0) (691.3) (734.2)
233.5 205.2 176.3 146.7
(0.0) (0.0) (0.0) (0.0)
233.5 205.2 176.3 146.7
233.5 205.2 176.3 146.7

2020 2021 2022 2023


(146.7)
83.1 83.5 84.0 84.5
83.06 83.53 84.01 (62.20)